Why G20 and BRICS+ Shun Nigeria: Insights from Former Envoys Channels Television recently hosted a discussion with former Nigerian diplomats who provided valuable insights into why influential international groups such as the G20 and BRICS+ have sidestepped Nigeria. This analysis comes at a time when Nigeria, Africa’s largest economy and most populous nation, faces mounting economic and political challenges that have dampened its standing on the global stage. The G20 and BRICS+ The G20, an assembly of the world’s largest economies, and BRICS+, an extended grouping of Brazil, Russia, India, China, and South Africa, play pivotal roles in shaping global…
Author: BRICS+ News Services
Iranian Diaspora in Germany Participates in Presidential Election Runoff In a significant democratic display, Iranian nationals residing in Germany recently took part in the second round of Iran’s presidential election. This pivotal election phase was conducted at five designated polling stations across the country, ensuring that the expatriate community had ample opportunity to cast their votes. Polling locations were set up at critical points to maximize accessibility for voters. These included the Embassy of the Islamic Republic of Iran in Berlin and the Iranian Consulates General located in the bustling cities of Frankfurt, Hamburg, and Munich. Additionally, a polling station…
Italy and Germany Join Forces for Cutting-Edge European Combat Tank Initiative In a move signaling heightened European defense collaboration, Leonardo (Italy) and Rheinmetall (Germany) have announced a 50-50 joint venture focused on developing advanced land defense systems for Europe. This union aims to first create two state-of-the-art military vehicles: the Italian Main Battle Tank and the Lynx Infantry Fighting Vehicle for the Italian Army. Looking ahead, the partnership will chart the roadmap for the Main Ground Combat System (MGCS), envisioned as Europe’s next-generation combat tank. Strategic Industrial Development and Export Potential Headquartered in Italy, the joint venture will serve as…
Brazil’s Landmark Tax Reform: Unpacking the Sin Tax and Its Implications In December, the Brazilian Congress passed a landmark tax reform that aims to simplify and modernize the country’s complex tax system. This sweeping tax overhaul is expected to bring significant changes, but much of its framework is still contingent on supplementary legislation, which Congress is now tasked with crafting. One of the most contentious issues now under review is the introduction of a selective tax, commonly known globally as a “sin tax.” Understanding the Sin Tax A sin tax is designed to levy additional charges on products and services…
China’s Trade Resilience: A Look at Future Prospects Amid Global Tensions Amid escalating global trade tensions, experts anticipate that China’s foreign trade will continue to display positive momentum in the coming months, largely due to the country’s strategic export restructuring initiatives. This outlook was discussed during a recent webinar by the China Macroeconomy Forum, where leading economists shared their insights on China’s trade resilience and future prospects. Positive Projections Amid Challenges Yu Xiangrong, chief economist at Citigroup China, projected that the country’s export growth would remain stable at around 5 percent in 2024 and 4.5 percent in 2025. These forecasts…
China’s Central Bank Gears Up to Tame Bond Market Surge In a strategic move that could significantly impact the financial landscape, the People’s Bank of China (PBOC) has announced plans to manage hundreds of billions of yuan worth of medium- and long-term bonds. The central bank’s statement, released on Friday, underscores its intention to borrow these bonds on an open-ended, unsecured basis, contingent upon market conditions. This is seen as a calculated effort to temper a robust rally in the bond market. Context and Background China’s bond market has experienced a remarkable surge this year. The country’s sovereign bonds have…
[ Daniel Bekele (PhD) held his last press conference as the Ethiopian Human Rights Commission’s chief commissioner, presenting the organization’s 3rd Annual Human Rights Situation Report covering June 2023 to June 2024. The report highlighted the ongoing human rights violations in Ethiopia, with armed conflicts leading to civilian casualties and displacement. Despite the conclusion of the two-year war in Northern Ethiopia through a peace agreement between the federal government and the Tigray People’s Liberation Front (TPLF), the region still faces challenges in accessing basic services. The report also shed light on the complex security situation in the Amhara region, where…
[ Ethiopia’s Remarkable Economic Growth: A Testament to Vision and Progress Ethiopian Prime Minister Abiy Ahmed recently announced that the country’s GDP has doubled over the past five years, reaching an impressive $205 billion. This significant growth has solidified Ethiopia as the second-largest economy in East Africa, surpassing the combined GDP of its six neighboring countries. One of the key factors contributing to this economic expansion has been the exponential growth in exports of goods and services, with revenues exceeding $10 billion in the fiscal year 2023–2024. The country’s industrial sector has also seen remarkable progress, with a projected expansion…
Egypt’s Tumultuous Path: A Decade of Political Uncertainty Under President El-Sisi Political Evolution and the Arab Spring Aftermath In the wake of the Arab Spring, Egypt has faced a whirlwind of political changes and challenges. The mass demonstrations of 2010 calling for an end to poverty, corruption, and political repression culminated in the ousting of President Hosni Mubarak. Despite embarking on significant economic reforms lauded by the international community, Mubarak’s regime, characterized by strong military influence, could not withstand the pressure. The brief period of hope saw a democratic election in 2012, bringing Mohamed Morsi of the Muslim Brotherhood to…
Egypt Secures Expanded $8bn IMF Deal Amid Economic Challenges In a strategic move to stabilize its economy, Egypt has signed an expanded $8 billion agreement with the International Monetary Fund (IMF), Prime Minister Mostafa Madbouly announced on Wednesday. This new deal augments a previous $3 billion, 46-month Extended Fund Facility (EFF) established with the IMF in December 2022, originally designed to shift Egypt toward a more flexible exchange rate system. Context and Background Egypt’s engagement with the IMF is part of a broader economic reform agenda necessitated by a series of crippling economic blows. The country has been grappling with…